MIRA INFORM REPORT

Report Date :

15.03.2012

IDENTIFICATION DETAILS

Name :	SOLARTECH ENERGY CORP
Registered Office :	No.51, Dinghu 1st St., No. 51, Dinghu 1st Street, Gueishan, 333
Country :	Taiwan
Financials (as on) :	31.12.2010
Date of Incorporation :	27.05.2005
Legal Form :	Public Independent
Line of Business :	Manufacture of electronic valves and tubes and other electronic components
No. of Employees :	889

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Taiwan	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Solartech Energy Corp

No.51, Dinghu 1st St.
No. 51, Dinghu 1st Street
Gueishan, 333
Taiwan
Tel:	886-3-3188288
Fax:	886-3-3188267

Employees:

889

Company Type:

Public Independent

Traded:

Taiwan Stock Exchange:

3561

Incorporation Date:

27-May-2005

Auditor:

KPMG Peat Marwick LLP

Fiscal Year End:

31-Dec-2010

Reporting Currency:

Taiwanese New Dollar

Annual Sales:

351.3 ¹

Net Income:

44.3

Total Assets:

494.2 ²

Market Value:

310.5

(02-Mar-2012)

Business Description

Solartech Energy Corporation is principally engaged in the manufacture and distribution of solar cells. The Company provides six-inch mono-crystalline solar cells, as well as six-inch multi-crystalline solar cells. The Company also involves in the wholesaling and retailing of electronic materials. Its products are applied in power plants, buildings, disaster alarming systems, radios, calculators, battery chargers, traffic signs and communication equipment, among others. During the year ended December 31, 2010, the Company obtained approximately 98.72% of its total revenue from solar cells. It distributes its products principally in Taiwan, other Asian markets and Europe. For the Fiscal year ended 31 December 2010, Solartech Energy Corp.'s total revenues totaled NT$11.07B, up from NT$3.83B. Net income applicable to Common Stock for the period totaled NT$1.40B, up from NT$165.7M. Total revenues reflect an increase in sales due to favorable market demand. Net income also benefited from lower loss on equity investment, as well as the presence of revaluation gain on financial assets.

Industry

Industry	Semiconductors
ANZSIC 2006:	2429 - Other Electronic Equipment Manufacturing
NACE 2002:	3210 - Manufacture of electronic valves and tubes and other electronic components
NAICS 2002:	334413 - Semiconductor and Related Device Manufacturing
UK SIC 2003:	3210 - Manufacture of electronic valves and tubes and other electronic components
US SIC 1987:	3674 - Semiconductors and Related Devices

Key Executives

Name	Title
Jinlong Zhang	General Manager, Director
Jianhuang Chen	Head-Finance
Shengcheng Zeng	Deputy General Manager
Chin Lung Chang	General Manager
Alex Wu	Operations Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Debt Financing / Related	1	Solartech Energy Corp Obtains Syndicated Loan	20-Apr-2011
Dividends	2	Solartech Energy Corp Announces FY 2010 Dividend Payment Date	11-Jul-2011

* number of significant developments within the last 12 months

Financial Summary

As of 30-Sep-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.13	3.90
Quick Ratio (MRQ)	0.93	3.02
Debt to Equity (MRQ)	0.80	0.21
Net Profit Margin (TTM) %	-0.50	19.30
Return on Assets (TTM) %	-0.57	15.21
Return on Equity (TTM) %	-1.64	21.72

Stock Snapshot

Traded: Taiwan Stock Exchange: 3561

As of 2-Mar-2012

   Financials in: TWD

Recent Price	38.55	EPS	7.00
52 Week High	88.57	Price/Sales	0.83
52 Week Low	19.80	Dividend Rate	2.86
Avg. Volume (mil)	8.56	Price/Earnings	184.95
Market Value (mil)	9,137.87	Price/Book	0.95
		Beta	1.27

	Price % Change	Rel S&P 500%
4 Week	-0.26%	-6.00%
13 Week	41.73%	24.27%
52 Week	-56.24%	-53.05%
Year to Date	30.68%	13.48%

Profit & Loss Item Exchange Rate: USD 1 = TWD 31.49704

Balance Sheet Item Exchange Rate: USD 1 = TWD 29.1565

Corporate Overview

Solartech Energy Corp

Location
No.51, Dinghu 1st St.
No. 51, Dinghu 1st Street
Gueishan, 333
Taiwan

Tel:	886-3-3188288
Fax:	886-3-3188267

Quote Symbol - Exchange
3561 - Taiwan Stock Exchange
Sales TWD(mil):	11,066.2
Assets TWD(mil):	14,408.7
Employees:	889
Fiscal Year End:	31-Dec-2010

Industry:	Semiconductors

Incorporation Date:	27-May-2005
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman of the Board:	Kangxin Liu

Industry Codes

ANZSIC 2006 Codes:
2429	-	Other Electronic Equipment Manufacturing

NACE 2002 Codes:
3210	-	Manufacture of electronic valves and tubes and other electronic components

NAICS 2002 Codes:
334413	-	Semiconductor and Related Device Manufacturing

US SIC 1987:
3674	-	Semiconductors and Related Devices

UK SIC 2003:
3210	-	Manufacture of electronic valves and tubes and other electronic components

Business Description

Solartech Energy Corporation is principally engaged in the manufacture and distribution of solar cells. The Company provides six-inch mono-crystalline solar cells, as well as six-inch multi-crystalline solar cells. The Company also involves in the wholesaling and retailing of electronic materials. Its products are applied in power plants, buildings, disaster alarming systems, radios, calculators, battery chargers, traffic signs and communication equipment, among others. During the year ended December 31, 2010, the Company obtained approximately 98.72% of its total revenue from solar cells. It distributes its products principally in Taiwan, other Asian markets and Europe. For the Fiscal year ended 31 December 2010, Solartech Energy Corp.'s total revenues totaled NT$11.07B, up from NT$3.83B. Net income applicable to Common Stock for the period totaled NT$1.40B, up from NT$165.7M. Total revenues reflect an increase in sales due to favorable market demand. Net income also benefited from lower loss on equity investment, as well as the presence of revaluation gain on financial assets.

More Business Descriptions

Manufacture of solar cells

Solar/Thermal/Wind

Financial Data

Financials in:	TWD(mil)
Revenue:	11,066.2
Net Income:	1,396.2
Assets:	14,408.7
Long Term Debt:	2,214.7
Total Liabilities:	5,628.8
Working Capital:	0.4
Date of Financial Data:	31-Dec-2010

1 Year Growth

191.6%

730.0%

110.5%

Market Data

Quote Symbol:	3561
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	38.6
Stock Price Date:	03-02-2012
52 Week Price Change %:	-56.2
Market Value (mil):	9,137,869.0
SEDOL:	B1YLN84
ISIN:	TW0003561007
Equity and Dept Distribution:
The Company started to report consolidation since 2007. 7/2008, 5.086% stock dividend. 12/2008, Exchange changed from Gre Tai Security Market to Taiwan Stock Exchange. 2/2009, Rights Issue, 9.61 new shares for every 100 shares held @ NT$20.50 (Factor: 1.014834). 08/2009, 12% stock dividend. 07/2010, 8% Stock dividend. The Company is listed

Subsidiaries

Company	Percentage Owned	Country
True Honour Limited	80%	SAMOA

Key Corporate Relationships

Auditor:	KPMG Peat Marwick LLP
Auditor:	KPMG Peat Marwick LLP, KPMG

Executives Report

Board of Directors

Name	Title	Function
Kangxin Liu	Chairman of the Board	Chairman
Liu Kangxin has been Chairman of the Board in Solartech Energy Corp since July 23, 2007. Liu serves as President in another company, Director in Sunshine PV Corp, Vice Chairman of the Board in one company, as well as Chairman of the Board in two other companies.
Kong Hsin Liu	Chairman	Chairman
Qiuxiong Huang	Director	Director/Board Member
Huang Qiuxiong has been Director in Solartech Energy Corp since August 18, 2005. Huang is also Managing Director in E.Sun Financial Holding Co Ltd and Chairman of the Board in another company. Huang holds a Ph.D. from De La Salle University, Philippines. Education PHD , De La Salle University
Wulang Lai	Independent Director	Director/Board Member
Zhixiong Lin	Independent Director	Director/Board Member
Lin Zhixiong has been Independent Director in Solartech Energy Corp since June 10, 2008. Lin holds a Master's degree in Operations Research from Dayeh University, Taiwan. Lin is also Chairman of the Board in one company, as well as General Manager in another company. Education M Operations Research, Dayeh University
Jinghui Lin	Director	Director/Board Member
Mr. Lin Jinghui has been Director in Solartech Energy Corp since May 19, 2005. He was Chairman of the Board in the Company. Lin is also Chairman of the Board in two other companies.
Zhaoyong Lin	Director	Director/Board Member
Lin Zhaoyong has been Director in Solartech Energy Corp since June 10, 2008. Lin holds a Master's degree in Commerce from University of Leicester, the United Kingdom. Lin is also Executive Deputy General Manager in Gemtek Technology Co., Ltd. Education M Commerce, University of Leicester
Zongxin Liu	Director	Director/Board Member
Yanzuo Lu	Director	Director/Board Member
Lu Yanzuo has been Director in Solartech Energy Corp since August 18, 2005. Lu is Director in three other companies. Lu holds a Bachelor's degree from National Chiao Tung University, Taiwan, a Master of Business Administration from University of Illinois at Urbana-Champaign, the United States, as well as a Master's degree in Materials Engineering from Rutgers University, the United States. Education MBA , University of Illinois at Urbana-Champaign M Materials Engineering, Rutgers University B Mechanical Engineering, National Chiao Tung University
Hongzheng Wei	Director	Director/Board Member
Wei Hongzheng has been Director in Solartech Energy Corp. since June 25, 2010. Wei also serves as Investment Manager in a technology company. Wei holds a Master's degree from National Chiao Tung University, Taiwan. Education M , National Chiao Tung University
Jinlong Zhang	General Manager, Director	Director/Board Member
Mr. Zhang Jinlong has been General Manager and Director in Solartech Energy Corp. since May 27, 2005. He holds a Master's degree in Chemical Engineering from Yokohama National University, Japan. Mr. Zhang is also General Manager and Director in an optoelectronics company and Director in three other companies. M Chemical Engineering, Yokohama National University
Meiyuan Zhang	Director	Director/Board Member
Zhang Meiyuan has been Director in Solartech Energy Corp. since June 25, 2010. Zhang also serves as Independent Director in Taiwan Surface Mounting Tech. Corp. and Director in three other companies. Zhang holds a Master of Business Administration from Ohio State University, the United States. Education MBA , Ohio State University

Executives

Name	Title	Function
Chin Lung Chang	General Manager	Division Head Executive
Jinlong Zhang	General Manager, Director	Division Head Executive
Mr. Zhang Jinlong has been General Manager and Director in Solartech Energy Corp. since May 27, 2005. He holds a Master's degree in Chemical Engineering from Yokohama National University, Japan. Mr. Zhang is also General Manager and Director in an optoelectronics company and Director in three other companies. Education M Chemical Engineering, Yokohama National University
Alex Wu	Operations Director	Operations Executive
Jianhuang Chen	Head-Finance	Finance Executive
Shengcheng Zeng	Deputy General Manager	Other
Zeng Shengcheng has been Deputy General Manager in Solartech Energy Corp. since October 1, 2007. Zeng is also Director in three other companies.

Significant Developments

Solartech Energy Corp Announces FY 2010 Dividend Payment Date

Jul 11, 2011

Solartech Energy Corp announced that it will pay a cash dividend of NTD 762,969,795 (NTD 3 per share), and distribute 50 new shares for every 1,000 shares as stock dividends worth NTD 127,161,630, to shareholders of record on August 15, 2011. The Company's shares will be traded ex-right and ex-dividend on August 9, 2011.

Solartech Energy Corp Announces FY 2010 Dividend Payment

May 13, 2011

Solartech Energy Corp announced that it will pay a cash dividend of NTD 762,969,795 (NTD 3 per share), and distribute stock dividends worth NTD 127,161,630 (NTD 0.5 per share), to shareholders for fiscal year 2010.

Solartech Energy Corp Obtains Syndicated Loan

Apr 20, 2011

Solartech Energy Corp announced that it has obtained a syndicated loan of NTD 8.1 billion from 20 banks including Mega International Commercial Bank, with a term of five years.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Gross Revenue	351.5	116.1	155.5	88.3	12.7
Sales Returns and Allowances	-0.1	-1.2	-2.2	-1.1	-0.3
Revenue	351.3	114.9	153.3	87.1	12.4
Total Revenue	351.3	114.9	153.3	87.1	12.4
Cost of Revenue	293.3	101.7	134.2	73.8	10.2
Cost of Revenue, Total	293.3	101.7	134.2	73.8	10.2
Gross Profit	58.0	13.3	19.2	13.3	2.2
Selling/General/Administrative Expense	9.6	6.1	4.6	2.5	1.5
Total Selling/General/Administrative Expenses	9.6	6.1	4.6	2.5	1.5
Research & Development	1.4	0.7	0.5	0.2	0.1
Total Operating Expense	304.3	108.5	139.3	76.5	11.7
Operating Income	47.1	6.4	14.0	10.6	0.7
Interest Expense - Non-Operating	-1.6	-2.1	-2.1	-0.6	-0.2
Interest Capitalized - Non-Operating	0.3	0.7	0.4	-	-
Interest Expense, Net Non-Operating	-1.3	-1.4	-1.7	-0.6	-0.2
Interest Income - Non-Operating	0.1	0.0	0.1	0.2	0.0
Investment Income - Non-Operating	0.6	-0.3	-0.3	0.1	-0.1
Interest/Investment Income - Non-Operating	0.7	-0.3	-0.2	0.3	-0.1
Interest Income (Expense) - Net Non-Operating Total	-0.6	-1.8	-1.9	-0.2	-0.3
Other Non-Operating Income (Expense)	0.9	0.8	0.0	0.0	0.0
Other, Net	0.9	0.8	0.0	0.0	0.0
Income Before Tax	47.3	5.5	12.2	10.3	0.4
Total Income Tax	3.0	0.5	0.2	1.7	-0.5
Income After Tax	44.3	5.0	12.0	8.6	1.0
Net Income Before Extraord Items	44.3	5.0	12.0	8.6	1.0
Net Income	44.3	5.0	12.0	8.6	1.0
Preferred Dividends	-0.9	0.0	-	-	-
Total Adjustments to Net Income	-0.9	0.0	-	-	-
Income Available to Common Excl Extraord Items	43.4	5.0	12.0	8.6	1.0
Income Available to Common Incl Extraord Items	43.4	5.0	12.0	8.6	1.0
Basic/Primary Weighted Average Shares	193.2	149.9	123.5	123.9	125.3
Basic EPS Excl Extraord Items	0.22	0.03	0.10	0.07	0.01
Basic/Primary EPS Incl Extraord Items	0.22	0.03	0.10	0.07	0.01
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	43.4	5.0	12.0	8.6	1.0
Diluted Weighted Average Shares	195.3	151.3	125.0	124.0	125.3
Diluted EPS Excl Extraord Items	0.22	0.03	0.10	0.07	0.01
Diluted EPS Incl Extraord Items	0.22	0.03	0.10	0.07	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.01	0.02	0.00
Gross Dividends - Common Stock	0.5	0.5	1.1	2.7	0.0
Interest Expense, Supplemental	1.3	1.4	1.7	0.6	0.2
Interest Capitalized, Supplemental	-0.3	-0.7	-0.4	-	-
Depreciation, Supplemental	12.0	5.4	4.0	1.8	0.9
Normalized Income Before Tax	47.3	5.5	12.2	10.3	0.4
Inc Tax Ex Impact of Sp Items	3.0	0.5	0.2	1.7	-0.5
Normalized Income After Tax	44.3	5.0	12.0	8.6	1.0
Normalized Inc. Avail to Com.	43.4	5.0	12.0	8.6	1.0
Basic Normalized EPS	0.22	0.03	0.10	0.07	0.01
Diluted Normalized EPS	0.22	0.03	0.10	0.07	0.01
Rental Expenses	-	-	-	-	0.1
Research & Development Exp, Supplemental	1.4	0.7	0.5	0.2	0.1
Normalized EBIT	47.1	6.4	14.0	10.6	0.7
Normalized EBITDA	59.1	11.8	18.0	12.4	1.6
Current Tax - Total	3.2	0.1	0.4	1.4	0.0
Current Tax - Total	3.2	0.1	0.4	1.4	0.0
Deferred Tax - Total	-0.2	0.2	-0.4	0.2	-0.6
Deferred Tax - Total	-0.2	0.2	-0.4	0.2	-0.6
Other Tax	0.0	0.2	0.3	0.1	-
Income Tax - Total	3.0	0.5	0.2	1.7	-0.5

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.1565	31.985	32.818	32.4345	32.585
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Cash	67.4	3.9	-	-	-
Cash & Equivalents	42.4	0.6	3.8	16.2	2.1
Short Term Investments	1.9	0.8	2.4	0.5	0.1
Cash and Short Term Investments	111.8	5.2	6.1	16.6	2.1
Accounts Receivable - Trade, Gross	-	18.3	-	-	-
Provision for Doubtful Accounts	-	-0.1	-	-	-
Trade Accounts Receivable - Net	48.8	18.6	7.8	5.0	3.6
Other Receivables	5.3	5.4	0.0	-	-
Total Receivables, Net	54.1	24.0	7.9	5.0	3.6
Inventories - Finished Goods	13.7	3.8	7.5	16.0	8.2
Inventories - Work In Progress	5.4	1.3	1.8	1.3	-
Inventories - Raw Materials	11.1	5.2	8.3	5.8	4.9
Inventories - Other	-	-	-	-1.1	-
Total Inventory	30.2	10.3	17.7	22.0	13.1
Prepaid Expenses	17.9	7.8	18.2	16.4	5.4
Restricted Cash - Current	-	-	0.0	0.1	2.7
Deferred Income Tax - Current Asset	4.9	1.6	2.6	-	0.6
Other Current Assets	-	-	-	2.1	1.2
Other Current Assets, Total	4.9	1.6	2.6	2.2	4.5
Total Current Assets	218.9	48.9	52.5	62.2	28.8
Buildings	20.9	18.3	0.8	0.4	0.2
Land/Improvements	4.0	3.6	5.4	0.0	-
Machinery/Equipment	163.5	68.0	34.2	21.4	19.5
Construction in Progress	74.5	53.2	88.2	31.0	0.2
Leases	14.8	13.5	0.0	-	-
Property/Plant/Equipment - Gross	277.7	156.7	128.6	52.8	19.9
Accumulated Depreciation	-27.1	-12.4	-6.5	-2.7	-0.9
Property/Plant/Equipment - Net	250.6	144.3	122.1	50.0	19.0
LT Investment - Affiliate Companies	7.4	7.0	5.8	6.1	-
LT Investments - Other	15.4	12.2	11.9	-	-
Long Term Investments	22.7	19.2	17.7	6.1	-
Deferred Charges	1.9	1.6	1.0	0.5	0.3
Other Long Term Assets, Total	1.9	1.6	1.0	0.5	0.3
Total Assets	494.2	214.0	193.3	118.9	48.1
Accounts Payable	40.7	11.5	4.9	1.9	0.0
Accrued Expenses	15.1	3.0	3.5	3.5	0.5
Notes Payable/Short Term Debt	30.6	35.9	32.7	39.4	7.1
Current Portion - Long Term Debt/Capital Leases	18.6	11.6	6.4	2.2	1.9
Customer Advances	0.7	0.1	0.5	9.9	2.1
Other Payables	11.4	5.5	5.5	2.5	1.9
Other Current liabilities, Total	12.1	5.5	6.0	12.4	3.9
Total Current Liabilities	117.1	67.5	53.5	59.4	13.5
Long Term Debt	76.0	68.0	77.2	6.0	8.1
Total Long Term Debt	76.0	68.0	77.2	6.0	8.1
Total Debt	125.2	115.4	116.3	47.6	17.2
Total Liabilities	193.1	135.4	130.7	65.4	21.6
Redeemable Preferred Stock	10.3	0.6	0.0	-	-
Redeemable Preferred Stock	10.3	0.6	0.0	-	-
Common Stock	68.2	42.4	32.7	27.7	24.6
Common Stock	68.2	42.4	32.7	27.7	24.6
Additional Paid-In Capital	164.4	24.9	19.1	16.3	1.2
Retained Earnings (Accumulated Deficit)	58.5	15.5	15.5	9.4	0.7
Treasury Stock - Common	-	-4.8	-4.7	0.0	-
Translation Adjustment	-0.1	0.0	0.0	-	-
Other Comprehensive Income	-0.2	-	-	-	-
Other Equity, Total	-0.3	0.0	0.0	-	-
Total Equity	301.1	78.6	62.6	53.5	26.5
Total Liabilities & Shareholders’ Equity	494.2	214.0	193.3	118.9	48.1
Shares Outstanding - Common Stock Primary Issue	208.8	155.8	139.5	125.3	125.3
Total Common Shares Outstanding	208.8	155.8	139.5	125.3	125.3
Treasury Shares - Common Stock Primary Issue	0.0	2.4	2.8	0.0	0.0
Shares Outstanding - Preferred Stock Primary Issue	30.0	2.0	0.0	-	-
Total Preferred Stock Outstanding	30.0	2.0	0.0	-	-
Treasury Shares - Preferred Primary Issue	0.0	0.0	0.0	-	-
Employees	808	276	184	130	79
Number of Common Shareholders	33,147	15,606	6,873	1,479	690
Deferred Revenue - Current	0.7	0.1	0.5	9.9	2.1
Total Long Term Debt, Supplemental	94.8	79.5	83.6	8.2	1.9
Long Term Debt Maturing within 1 Year	18.6	11.6	6.4	2.2	1.9
Long Term Debt Maturing in Year 2	40.9	13.9	10.3	2.3	-
Long Term Debt Maturing in Year 3	35.3	24.6	11.6	2.3	-
Long Term Debt Maturing in Year 4	-	29.4	30.7	1.4	-
Long Term Debt Maturing in Year 5	-	-	24.6	-	-
Long Term Debt Maturing in 2-3 Years	76.2	38.6	21.9	4.6	-
Long Term Debt Maturing in 4-5 Years	-	29.4	55.3	1.4	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	1.6	1.3	1.4	1.5	10.1
Operating Lease Payments Due in Year 1	0.4	0.3	0.2	0.2	1.9
Operating Lease Payments Due in Year 2	0.4	0.2	0.2	0.2	2.2
Operating Lease Payments Due in Year 3	0.3	0.2	0.2	0.2	2.3
Operating Lease Payments Due in Year 4	0.2	0.2	0.2	0.2	2.3
Operating Lease Payments Due in Year 5	0.2	0.2	0.2	0.7	1.4
Operating Lease Pymts. Due in 2-3 Years	0.8	0.4	0.4	0.4	4.4
Operating Lease Pymts. Due in 4-5 Years	0.4	0.4	0.4	0.9	3.7
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.2	0.4	0.0	0.0

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Net Income/Starting Line	44.3	5.0	12.0	8.6	1.0
Depreciation	12.9	5.8	4.1	1.9	0.9
Depreciation/Depletion	12.9	5.8	4.1	1.9	0.9
Deferred Taxes	-0.2	0.2	-0.4	0.2	-0.6
Equity in Net Earnings (Loss)	0.5	1.0	0.3	0.0	-
Other Non-Cash Items	2.4	-4.4	4.2	1.2	-0.1
Non-Cash Items	2.9	-3.4	4.6	1.2	-0.1
Accounts Receivable	-26.3	-10.2	-3.0	-1.3	-3.6
Inventories	-16.9	12.1	-0.1	-9.8	-12.9
Prepaid Expenses	-12.6	4.9	-24.9	-29.9	-5.4
Other Assets	-3.8	2.6	-2.2	-0.8	-1.3
Accounts Payable	26.0	6.3	3.1	1.9	0.0
Accrued Expenses	11.0	0.2	0.0	3.0	0.5
Other Liabilities	0.6	-0.5	-9.6	7.7	2.1
Changes in Working Capital	-22.1	15.4	-36.7	-29.3	-20.6
Cash from Operating Activities	37.8	22.9	-16.4	-17.4	-19.5
Purchase of Fixed Assets	-89.0	-18.6	-53.6	-12.8	-12.4
Capital Expenditures	-89.0	-18.6	-53.6	-12.8	-12.4
Sale/Maturity of Investment	-	-	0.1	2.5	0.9
Purchase of Investments	-1.8	-2.0	-12.4	-6.1	-
Other Investing Cash Flow	-0.2	-5.8	-0.7	-0.2	-0.2
Other Investing Cash Flow Items, Total	-2.0	-7.9	-12.9	-3.7	0.7
Cash from Investing Activities	-91.0	-26.4	-66.5	-16.5	-11.8
Other Financing Cash Flow	-	0.0	-3.8	-0.1	-
Financing Cash Flow Items	-	0.0	-3.8	-0.1	-
Total Cash Dividends Paid	-0.5	-1.1	-	-	-
Sale/Issuance of Common	119.6	-	-	-	-
Repurchase/Retirement of Common	-	0.0	-4.9	0.0	-
Common Stock, Net	119.6	7.9	1.9	17.0	7.4
Preferred Stock, Net	32.4	1.1	-	-	-
Options Exercised	-	-	0.0	0.9	-
Issuance (Retirement) of Stock, Net	152.0	9.0	1.9	18.0	7.4
Short Term Debt Issued	-	2.3	-	31.9	7.1
Short Term Debt Reduction	-8.2	-	-6.4	-	-
Short Term Debt, Net	-8.2	2.3	-6.4	31.9	7.1
Long Term Debt Issued	21.2	9.9	81.0	0.0	10.1
Long Term Debt Reduction	-14.1	-16.0	-2.5	-1.9	-
Long Term Debt, Net	7.0	-6.1	78.6	-1.9	10.1
Issuance (Retirement) of Debt, Net	-1.1	-3.8	72.1	30.0	17.2
Cash from Financing Activities	150.3	4.1	70.3	47.8	24.6
Net Change in Cash	97.2	0.6	-12.7	13.9	-6.7
Net Cash - Beginning Balance	4.5	3.7	16.6	2.0	8.7
Net Cash - Ending Balance	101.7	4.3	3.9	16.0	2.1
Cash Interest Paid	1.3	1.5	1.7	0.5	0.2
Cash Taxes Paid	0.4	0.3	1.7	0.1	0.0

Annual Income Statement

Solartech Energy Corp

Gueishan, Taiwan, Tel: 886-3-3188288, URL: http://www.solartech-energy.com/

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Gross Sales	351.5	116.1	155.5	88.3	12.7
Sales Returns & Discounts	-0.1	-1.2	-2.2	-1.1	-0.3
Total Revenue	351.3	114.9	153.3	87.1	12.4
Cost of Sales	293.3	101.7	134.2	72.7	10.2
Selling Expenses	2.2	1.3	1.0	0.8	0.2
General and Administrative Expenses	7.4	4.8	3.6	1.7	1.2
Research and Development	1.4	0.7	0.5	0.2	0.1
Inventory Devaluation & Obsolescence	-	-	-	1.1	-
Total Operating Expense	304.3	108.5	139.3	76.5	11.7
Interest Income	0.1	0.0	0.1	0.2	0.0
Gain/Loss on Foreign Exchange	-1.7	0.8	0.0	0.2	-0.1
Rent Income	0.4	0.6	0.0	-	-
Miscellaneous Income	0.5	0.3	0.1	0.1	0.0
Interest Expenses	-1.6	-2.1	-2.1	-0.6	-0.2
Interest Capitalized	0.3	0.7	0.4	-	-
Losses on Equity Investment	-0.5	-1.0	-0.3	0.0	-
G/L on Financial Assets Revaluation	2.9	-0.1	0.0	-	-
Miscellaneous Disbursements	0.0	-0.1	-0.1	-0.1	0.0
Net Income Before Taxes	47.3	5.5	12.2	10.3	0.4
Provision for Income Taxes	3.0	0.5	0.2	1.7	-0.5
Net Income After Taxes	44.3	5.0	12.0	8.6	1.0
Net Income Before Extra. Items	44.3	5.0	12.0	8.6	1.0
Net Income	44.3	5.0	12.0	8.6	1.0
Preferred Dividends	-0.9	0.0	-	-	-
Income Available to Com Excl ExtraOrd	43.4	5.0	12.0	8.6	1.0
Income Available to Com Incl ExtraOrd	43.4	5.0	12.0	8.6	1.0
Basic Weighted Average Shares	193.2	149.9	123.5	123.9	125.3
Basic EPS Excluding ExtraOrdinary Items	0.22	0.03	0.10	0.07	0.01
Basic EPS Including ExtraOrdinary Items	0.22	0.03	0.10	0.07	0.01
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	43.4	5.0	12.0	8.6	1.0
Diluted Weighted Average Shares	195.3	151.3	125.0	124.0	125.3
Diluted EPS Excluding ExtraOrd Items	0.22	0.03	0.10	0.07	0.01
Diluted EPS Including ExtraOrd Items	0.22	0.03	0.10	0.07	0.01
DPS-Common Stock	0.00	0.00	0.01	0.02	0.00
Gross Dividends - Common Stock	0.5	0.5	1.1	2.7	0.0
Normalized Income Before Taxes	47.3	5.5	12.2	10.3	0.4
Inc Tax Ex Impact of Sp Items	3.0	0.5	0.2	1.7	-0.5
Normalized Income After Taxes	44.3	5.0	12.0	8.6	1.0
Normalized Inc. Avail to Com.	43.4	5.0	12.0	8.6	1.0
Basic Normalized EPS	0.22	0.03	0.10	0.07	0.01
Diluted Normalized EPS	0.22	0.03	0.10	0.07	0.01
Interest Expenses	1.3	1.4	1.7	0.6	0.2
Research and Development	1.4	0.7	0.5	0.2	0.1
Depreciation - Operating Cost	11.6	5.2	3.9	1.8	0.9
Depreciation - Operating Expense	0.4	0.2	0.1	0.0	0.0
Interest Capitalized	-0.3	-0.7	-0.4	-	-
Rent Expense	-	-	-	-	0.1
Current Tax Payable	3.2	0.1	0.4	1.4	0.0
Current Tax - Total	3.2	0.1	0.4	1.4	0.0
Deferred Tax	-0.2	0.2	-0.4	0.2	-0.6
Deferred Tax - Total	-0.2	0.2	-0.4	0.2	-0.6
Other Tax	0.0	0.2	0.3	0.1	-
Income Tax - Total	3.0	0.5	0.2	1.7	-0.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.1565	31.985	32.818	32.4345	32.585
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Cash	67.4	3.9	-	-	-
Cash Equivalents	42.4	0.6	3.8	16.2	2.1
Financial Assets-Fair Value,Current	-	0.0	0.5	0.0	-
Accounts Receivables, Net	47.5	-	7.0	5.0	2.1
Accounts Receivable, Gross	-	18.3	-	-	-
Provision for Doubtful Accounts	-	-0.1	-	-	-
Accounts Receivable - Related Parties	1.3	0.4	0.8	0.0	1.5
Other Receivables - Related Parties	5.3	5.4	0.0	-	-
Other Financial Assets - Current	1.9	0.8	1.8	0.5	0.1
Merchandise	0.0	0.0	1.5	10.6	0.8
Finished Goods	13.7	3.8	6.0	5.4	7.4
Work in Progress	5.4	1.3	1.8	1.3	-
Raw Material	7.4	4.6	7.9	4.6	4.3
Supplies	3.7	0.6	0.5	1.2	0.6
Provision for Inventory	-	-	-	-1.1	-
Prepayment	17.9	7.8	18.2	16.4	5.4
Tax Refund	-	-	-	0.3	1.2
Restricted Assets	-	-	0.0	0.1	2.7
Def.Income Tax Assets & Other Current	4.9	1.6	2.6	-	0.6
Other Current Assets	-	-	-	1.8	-
Total Current Assets	218.9	48.9	52.5	62.2	28.8
Long Term Equity Investment	7.4	7.0	5.8	6.1	-
Prepayment for Long Term Investment	0.3	-	-	-	-
Financial Assets-Cost Method,Non-Current	15.0	12.2	11.9	-	-
Land and Improvements	4.0	3.6	5.4	0.0	-
Buildings and Structures	19.9	17.4	0.0	-	-
Machinery and Equipment	137.1	47.8	29.9	17.7	17.4
Leasehold Improvement	1.0	0.9	0.8	0.4	0.2
Water&Electricity Equipment&Other	-	-	4.2	-	-
Miscellaneous Equipment	26.4	20.3	-	3.7	2.1
Accumulated Depreciation	-26.4	-12.2	-6.5	-2.7	-0.9
Construction in Progress	1.0	0.1	19.2	0.1	-
Prepay for Equipment / Land	16.7	5.3	28.1	11.6	-
Rental Assets	14.8	13.5	0.0	-	-
Accumulated Depreciation for Rental Asse	-0.7	-0.2	-	-	-
Construction in Prog & Prepay. for Equip	-	-	-	-	0.2
Deferred Charges and Other Assets	1.9	1.6	1.0	0.5	0.3
LT Prepay for Materials	56.8	47.8	40.9	19.3	-
Total Assets	494.2	214.0	193.3	118.9	48.1
Short Term Borrowings	30.6	35.9	32.7	39.4	7.1
Accounts Payable	40.7	11.5	-	-	-
Accounts Payable & Notes Payable	-	-	4.9	1.9	0.0
Accrued Exps. & Other Current Liabiliti	15.1	3.0	3.5	3.5	0.5
Payables for Equipment/Project/Land	11.4	5.5	5.5	2.5	1.9
Advance Receipts	0.7	0.1	0.5	9.9	2.1
Current Portion of Long Term Debt	18.6	11.6	6.4	2.2	1.9
Total Current Liabilities	117.1	67.5	53.5	59.4	13.5
Long Term Borrowings	76.0	68.0	77.2	6.0	8.1
Total Long Term Debt	76.0	68.0	77.2	6.0	8.1
Total Liabilities	193.1	135.4	130.7	65.4	21.6
Common Stock	68.2	42.4	32.7	27.7	24.6
Preferred Stock	10.3	0.6	0.0	-	-
Additional Paid-In Capital	163.9	24.9	19.1	16.3	1.2
Capital Surplus, Long-term Equity Invest	0.4	0.0	0.0	-	-
Legal Reserve	2.9	2.1	0.9	0.1	-
Special Reserve	0.0	-	-	-	-
Retained Earnings	55.6	13.3	14.6	9.3	0.7
Cumulative Translation Adjustment	-0.1	0.0	0.0	-	-
Unreali.G/L On Hedge Cash Flow	-0.2	-	-	-	-
Treasury Stock	-	-4.8	-4.7	0.0	-
Total Equity	301.1	78.6	62.6	53.5	26.5
Total Liabilities & Shareholders' Equity	494.2	214.0	193.3	118.9	48.1
S/O-Common Stock	208.8	155.8	139.5	125.3	125.3
Total Common Shares Outstanding	208.8	155.8	139.5	125.3	125.3
T/S-Common Stock	0.0	2.4	2.8	0.0	0.0
S/O-Preferred Stock	30.0	2.0	0.0	-	-
Total Preferred Shares Outstanding	30.0	2.0	0.0	-	-
T/S-Preferred Stock	0.0	0.0	0.0	-	-
Advance Receipt - Current	0.7	0.1	0.5	9.9	2.1
Full-Time Employees	808	276	184	130	79
Number of Common Shareholders	33,147	15,606	6,873	1,479	690
Long Term Debt Maturing Within Year1	18.6	11.6	6.4	2.2	1.9
Long Term Debt Maturing in Year2	40.9	13.9	10.3	2.3	-
Long Term Debt Maturing in Year3	35.3	24.6	11.6	2.3	-
Long Term Debt Maturing in Year4	-	29.4	30.7	1.4	-
Long Term Debt Maturing in Year5	-	-	24.6	-	-
Total Long Term Debt, Supplemental	94.8	79.5	83.6	8.2	1.9
Operating Lease due in 1 year	0.4	0.3	0.2	0.2	1.9
Operating Lease due in 2 years	0.4	0.2	0.2	0.2	2.2
Operating Lease due in 3 years	0.3	0.2	0.2	0.2	2.3
Operating Lease due in 4 years	0.2	0.2	0.2	0.2	2.3
Operating Lease due in 5 years	0.2	0.2	0.2	0.7	1.4
Operating Lease due in 6 yrs and more	-	0.2	0.4	-	-
Total Operating Leases, Supplemental	1.6	1.3	1.4	1.5	10.1

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Net Income	44.3	5.0	12.0	8.6	1.0
Depreciation	12.9	5.8	4.1	1.9	0.9
Compensation Cost Based on Shares	3.0	-	-	-	-
Inventory Devaluation & Obsolescence	-0.5	-4.6	4.3	1.1	-
Equity Investment Gain/Loss	0.5	1.0	0.3	0.0	-
Deferred Tax	-0.2	0.2	-0.4	0.2	-0.6
Financial Assets At Fair Value	0.0	0.5	-0.6	0.0	-
Accounts Receivable	-26.3	-10.2	-3.0	-1.3	-3.6
Inventories	-16.9	12.1	-0.1	-9.8	-12.9
Prepayment	-12.6	4.9	-24.9	-29.9	-5.4
Other Current Assets	-2.8	2.0	-1.6	-0.8	-1.3
Other Financial Assets, Current, Decr.	-1.0	-	-	-	-
Accounts Payable and Notes Payable	26.0	6.3	3.1	1.9	0.0
Accrued Exps and Other Current Liabilite	11.0	0.2	0.0	3.0	0.5
Advance Receipts	0.6	-0.5	-9.6	7.7	2.1
Others	-0.1	0.1	-0.1	0.1	-0.1
Cash from Operating Activities	37.8	22.9	-16.4	-17.4	-19.5
Financial Assets-Cost Method	-1.5	0.0	-12.4	0.0	-
Restricted Bank Borrowings- Decrease	-	-	0.1	2.5	0.9
Capital Expenditure	-89.0	-18.6	-53.6	-12.8	-12.4
Prepayment for Long Term Investment	-0.3	-	-	-	-
Long Term Equity Investment Increase	-	-2.0	0.0	-6.1	-
Security Deposit Paid & Other- Increase	-	-	0.0	-0.2	-
Other Receivables-Related Parties	0.6	-5.2	-	-	-
Deferred Charges and Others	-0.8	-0.6	-0.7	0.0	-0.2
Cash from Investing Activities	-91.0	-26.4	-66.5	-16.5	-11.8
Short Term Borrowings Increase	-	2.3	-	31.9	7.1
Repayment of ST Borrowings	-8.2	-	-6.4	-	-
Repayment of Long Term Borrowings	-14.1	-16.0	-2.5	-1.9	-
Long Term Borrowings	21.2	9.9	81.0	0.0	10.1
Issuance of Common Stock	-	7.9	6.8	17.0	7.4
Issuance of Preferred Stock	32.4	1.1	-	-	-
Purchase of Treasury Shares	-	0.0	-4.9	0.0	-
Employee Option Exercised	-	-	0.0	0.9	-
Cash Dividend	-0.5	-1.1	-	-	-
Cash Capital	115.9	-	-	-	-
Treasury Stock Transfer to Employee	3.7	-	-	-	-
Employee Bonus & Directors Remuneration	-	0.0	-3.8	-0.1	-
Cash from Financing Activities	150.3	4.1	70.3	47.8	24.6
Net Change in Cash	97.2	0.6	-12.7	13.9	-6.7
Net Cash -Beginning Balance	4.5	3.7	16.6	2.0	8.7
Net Cash-Ending Balance	101.7	4.3	3.9	16.0	2.1
Cash Interest Paid	1.3	1.5	1.7	0.5	0.2
Cash Taxes Paid	0.4	0.3	1.7	0.1	0.0

Financial Health

Solartech Energy Corp

Gueishan, Taiwan, Tel: 886-3-3188288, URL: http://www.solartech-energy.com/

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	97.8	-16.91%	351.3	191.59%	56.97%	-
Research & Development1	0.6	10.06%	1.4	74.88%	76.61%	-
Operating Income1	-1.9	-	47.1	599.89%	62.14%	-
Income Available to Common Excl Extraord Items1	-3.1	-	43.4	729.98%	68.93%	-
Basic EPS Excl Extraord Items1	-0.01	-	0.22	544.10%	45.69%	-
Capital Expenditures2	98.0	43.42%	89.0	357.31%	88.27%	72.56%
Cash from Operating Activities2	-40.6	-	37.8	57.37%	-	-
Free Cash Flow	-132.4	-	-55.3	-	-	-
Total Assets3	544.6	78.75%	494.2	110.51%	55.17%	89.24%
Total Liabilities3	262.0	71.09%	193.1	29.97%	38.44%	441.50%
Total Long Term Debt3	142.3	65.20%	76.0	1.90%	124.84%	-
Employees3	-	-	808	192.75%	83.86%	158.50%
Total Common Shares Outstanding3	237.0	36.60%	208.8	33.99%	18.55%	10.75%
1-ExchangeRate: TWD to USD Average for Period	29.146237	Â	31.497037	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.099862	Â	31.497037	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	30.475000	Â	29.156500	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Deferred Charges3	1.9	1.6	1.0	0.5	0.3
3-ExchangeRate: TWD to USD Period End Date	29.156500	31.985000	32.818000	32.434500	32.585000

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin	16.52%	11.53%	12.50%	15.29%	18.09%
Operating Margin	13.39%	5.58%	9.16%	12.15%	5.65%
Pretax Margin	13.46%	4.77%	7.96%	11.81%	3.50%
Net Profit Margin	12.36%	4.34%	7.80%	9.91%	7.75%
Financial Strength
Current Ratio	1.87	0.73	0.98	1.05	2.14
Long Term Debt/Equity	0.25	0.86	1.23	0.11	0.31
Total Debt/Equity	0.42	1.47	1.86	0.89	0.65
Management Effectiveness
Return on Assets	13.14%	2.51%	7.40%	10.46%	2.89%
Return on Equity	24.92%	7.24%	19.91%	21.83%	4.30%
Efficiency
Receivables Turnover	9.43	7.39	23.02	20.36	6.81
Inventory Turnover	15.26	7.38	6.54	4.25	1.52
Asset Turnover	1.04	0.58	0.95	1.06	0.37

Market Valuation USD (mil)
P/E (TTM)	371.85	.	Enterprise Value2	510.6
Price/Sales (TTM)	0.62	.	Enterprise Value/Revenue (TTM)	1.05
Price/Book (MRQ)	1.10	.	Enterprise Value/EBITDA (TTM)	23.71
Market Cap as of 02-Mar-20121	310.5	.
1-ExchangeRate: TWD to USD on 2-Mar-2012	29.432915
2-ExchangeRate: TWD to USD on 30-Sep-2011	30.475000

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio	1.87	0.73	0.98	1.05	2.14
Quick/Acid Test Ratio	1.42	0.43	0.26	0.36	0.43
Working Capital1	101.8	-18.5	-1.0	2.8	15.4
Long Term Debt/Equity	0.25	0.86	1.23	0.11	0.31
Total Debt/Equity	0.42	1.47	1.86	0.89	0.65
Long Term Debt/Total Capital	0.18	0.35	0.43	0.06	0.19
Total Debt/Total Capital	0.29	0.60	0.65	0.47	0.39
Payout Ratio	1.34%	7.81%	7.52%	31.38%	0.00%
Effective Tax Rate	6.28%	8.44%	2.04%	16.11%	-121.15%
Total Capital1	426.3	194.0	179.0	101.1	43.7
Efficiency
Asset Turnover	1.04	0.58	0.95	1.06	0.37
Inventory Turnover	15.26	7.38	6.54	4.25	1.52
Days In Inventory	23.91	49.44	55.77	85.97	240.89
Receivables Turnover	9.43	7.39	23.02	20.36	6.81
Days Receivables Outstanding	38.70	49.37	15.86	17.93	53.59
Revenue/Employee2	469,732	429,906	800,993	678,605	156,848
Operating Income/Employee2	62,910	23,987	73,361	82,464	8,864
EBITDA/Employee2	78,979	44,009	94,103	96,629	19,799
Profitability
Gross Margin	16.52%	11.53%	12.50%	15.29%	18.09%
Operating Margin	13.39%	5.58%	9.16%	12.15%	5.65%
EBITDA Margin	16.81%	10.24%	11.75%	14.24%	12.62%
EBIT Margin	13.39%	5.58%	9.16%	12.15%	5.65%
Pretax Margin	13.46%	4.77%	7.96%	11.81%	3.50%
Net Profit Margin	12.36%	4.34%	7.80%	9.91%	7.75%
R&D Expense/Revenue	0.39%	0.65%	0.35%	0.27%	0.63%
COGS/Revenue	83.48%	88.47%	87.50%	84.71%	81.91%
SG&A Expense/Revenue	2.74%	5.31%	2.99%	2.86%	11.82%
Management Effectiveness
Return on Assets	13.14%	2.51%	7.40%	10.46%	2.89%
Return on Equity	24.92%	7.24%	19.91%	21.83%	4.30%
Valuation
Free Cash Flow/Share2	-0.26	0.03	-0.48	-0.24	-0.25
Operating Cash Flow/Share 2	0.20	0.15	-0.11	-0.14	-0.16
1-ExchangeRate: TWD to USD Period End Date	29.1565	31.985	32.818	32.4345	32.585
2-ExchangeRate: TWD to USD Average for Period	29.1565	31.985	32.818	32.4345	32.585

Current Market Multiples
Market Cap/Earnings (TTM)	371.85
Market Cap/Equity (MRQ)	1.06
Market Cap/Revenue (TTM)	0.62
Market Cap/EBIT (TTM)	-584.23
Market Cap/EBITDA (TTM)	13.93
Enterprise Value/Earnings (TTM)	633.19
Enterprise Value/Equity (MRQ)	1.81
Enterprise Value/Revenue (TTM)	1.05
Enterprise Value/EBIT (TTM)	-994.82
Enterprise Value/EBITDA (TTM)	23.71

Annual income statement

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Gross Revenue	351.5	116.1	155.5	88.3	12.7
Sales Returns and Allowances	-0.1	-1.2	-2.2	-1.1	-0.3
Revenue	351.3	114.9	153.3	87.1	12.4
Total Revenue	351.3	114.9	153.3	87.1	12.4
Cost of Revenue	293.3	101.7	134.2	73.8	10.2
Cost of Revenue, Total	293.3	101.7	134.2	73.8	10.2
Gross Profit	58.0	13.3	19.2	13.3	2.2
Selling/General/Administrative Expense	9.6	6.1	4.6	2.5	1.5
Total Selling/General/Administrative Expenses	9.6	6.1	4.6	2.5	1.5
Research & Development	1.4	0.7	0.5	0.2	0.1
Total Operating Expense	304.3	108.5	139.3	76.5	11.7
Operating Income	47.1	6.4	14.0	10.6	0.7
Interest Expense - Non-Operating	-1.6	-2.1	-2.1	-0.6	-0.2
Interest Capitalized - Non-Operating	0.3	0.7	0.4	-	-
Interest Expense, Net Non-Operating	-1.3	-1.4	-1.7	-0.6	-0.2
Interest Income - Non-Operating	0.1	0.0	0.1	0.2	0.0
Investment Income - Non-Operating	0.6	-0.3	-0.3	0.1	-0.1
Interest/Investment Income - Non-Operating	0.7	-0.3	-0.2	0.3	-0.1
Interest Income (Expense) - Net Non-Operating Total	-0.6	-1.8	-1.9	-0.2	-0.3
Other Non-Operating Income (Expense)	0.9	0.8	0.0	0.0	0.0
Other, Net	0.9	0.8	0.0	0.0	0.0
Income Before Tax	47.3	5.5	12.2	10.3	0.4
Total Income Tax	3.0	0.5	0.2	1.7	-0.5
Income After Tax	44.3	5.0	12.0	8.6	1.0
Net Income Before Extraord Items	44.3	5.0	12.0	8.6	1.0
Net Income	44.3	5.0	12.0	8.6	1.0
Preferred Dividends	-0.9	0.0	-	-	-
Total Adjustments to Net Income	-0.9	0.0	-	-	-
Income Available to Common Excl Extraord Items	43.4	5.0	12.0	8.6	1.0
Income Available to Common Incl Extraord Items	43.4	5.0	12.0	8.6	1.0
Basic/Primary Weighted Average Shares	193.2	149.9	123.5	123.9	125.3
Basic EPS Excl Extraord Items	0.22	0.03	0.10	0.07	0.01
Basic/Primary EPS Incl Extraord Items	0.22	0.03	0.10	0.07	0.01
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	43.4	5.0	12.0	8.6	1.0
Diluted Weighted Average Shares	195.3	151.3	125.0	124.0	125.3
Diluted EPS Excl Extraord Items	0.22	0.03	0.10	0.07	0.01
Diluted EPS Incl Extraord Items	0.22	0.03	0.10	0.07	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.01	0.02	0.00
Gross Dividends - Common Stock	0.5	0.5	1.1	2.7	0.0
Interest Expense, Supplemental	1.3	1.4	1.7	0.6	0.2
Interest Capitalized, Supplemental	-0.3	-0.7	-0.4	-	-
Depreciation, Supplemental	12.0	5.4	4.0	1.8	0.9
Normalized Income Before Tax	47.3	5.5	12.2	10.3	0.4
Inc Tax Ex Impact of Sp Items	3.0	0.5	0.2	1.7	-0.5
Normalized Income After Tax	44.3	5.0	12.0	8.6	1.0
Normalized Inc. Avail to Com.	43.4	5.0	12.0	8.6	1.0
Basic Normalized EPS	0.22	0.03	0.10	0.07	0.01
Diluted Normalized EPS	0.22	0.03	0.10	0.07	0.01
Rental Expenses	-	-	-	-	0.1
Research & Development Exp, Supplemental	1.4	0.7	0.5	0.2	0.1
Normalized EBIT	47.1	6.4	14.0	10.6	0.7
Normalized EBITDA	59.1	11.8	18.0	12.4	1.6
Current Tax - Total	3.2	0.1	0.4	1.4	0.0
Current Tax - Total	3.2	0.1	0.4	1.4	0.0
Deferred Tax - Total	-0.2	0.2	-0.4	0.2	-0.6
Deferred Tax - Total	-0.2	0.2	-0.4	0.2	-0.6
Other Tax	0.0	0.2	0.3	0.1	-
Income Tax - Total	3.0	0.5	0.2	1.7	-0.5

Interim income statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.146237	28.855204	29.305764	30.350199	31.911435
Gross Revenue	97.9	103.8	169.1	134.4	107.5
Sales Returns and Allowances	-0.1	-1.2	-0.1	-0.1	0.0
Revenue	97.8	102.6	169.0	134.3	107.5
Total Revenue	97.8	102.6	169.0	134.3	107.5
Cost of Revenue	95.3	124.1	155.5	113.9	89.1
Cost of Revenue, Total	95.3	124.1	155.5	113.9	89.1
Gross Profit	2.5	-21.5	13.5	20.4	18.4
Selling/General/Administrative Expense	3.9	3.9	3.9	3.1	3.0
Total Selling/General/Administrative Expenses	3.9	3.9	3.9	3.1	3.0
Research & Development	0.6	0.5	0.4	0.3	0.5
Total Operating Expense	99.7	128.4	159.8	117.4	92.6
Operating Income	-1.9	-25.8	9.2	17.0	14.9
Interest Expense - Non-Operating	-0.6	-0.5	-0.4	-0.4	-0.4
Interest Capitalized - Non-Operating	-	-	-	0.1	0.1
Interest Expense, Net Non-Operating	-0.6	-0.5	-0.4	-0.3	-0.3
Interest Income - Non-Operating	0.0	0.0	0.0	0.1	0.0
Investment Income - Non-Operating	-0.5	-0.2	0.4	1.0	0.0
Interest/Investment Income - Non-Operating	-0.5	-0.2	0.5	1.0	0.0
Interest Income (Expense) - Net Non-Operating Total	-1.1	-0.6	0.1	0.7	-0.3
Other Non-Operating Income (Expense)	0.1	-0.4	0.3	0.1	0.2
Other, Net	0.1	-0.4	0.3	0.1	0.2
Income Before Tax	-2.9	-26.8	9.6	17.8	14.9
Total Income Tax	0.0	-0.8	1.0	1.1	0.9
Income After Tax	-2.9	-26.0	8.6	16.7	13.9
Minority Interest	0.0	0.0	0.0	-	-
Net Income Before Extraord Items	-2.9	-26.0	8.7	16.7	13.9
Net Income	-2.9	-26.0	8.7	16.7	13.9
Preferred Dividends	-0.3	-0.3	-0.3	-0.3	-0.3
Total Adjustments to Net Income	-0.3	-0.3	-0.3	-0.3	-0.3
Income Available to Common Excl Extraord Items	-3.1	-26.2	8.4	16.4	13.7
Income Available to Common Incl Extraord Items	-3.1	-26.2	8.4	16.4	13.7
Basic/Primary Weighted Average Shares	266.9	263.1	240.3	211.7	186.8
Basic EPS Excl Extraord Items	-0.01	-0.10	0.03	0.08	0.07
Basic/Primary EPS Incl Extraord Items	-0.01	-0.10	0.03	0.08	0.07
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	-3.1	-26.2	8.4	16.4	13.7
Diluted Weighted Average Shares	266.9	263.1	242.2	216.1	188.5
Diluted EPS Excl Extraord Items	-0.01	-0.10	0.03	0.08	0.07
Diluted EPS Incl Extraord Items	-0.01	-0.10	0.03	0.08	0.07
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.5	0.0
Interest Expense, Supplemental	0.6	0.5	0.4	0.3	0.3
Interest Capitalized, Supplemental	-0.1	0.0	0.0	-0.1	-0.1
Depreciation, Supplemental	6.5	6.0	5.8	4.7	3.5
Normalized Income Before Tax	-2.9	-26.8	9.6	17.8	14.9
Inc Tax Ex Impact of Sp Items	0.0	-0.8	1.0	1.1	0.9
Normalized Income After Tax	-2.9	-26.0	8.6	16.7	13.9
Normalized Inc. Avail to Com.	-3.1	-26.2	8.4	16.4	13.7
Basic Normalized EPS	-0.01	-0.10	0.03	0.08	0.07
Diluted Normalized EPS	-0.01	-0.10	0.03	0.08	0.07
Research & Development Exp, Supplemental	0.6	0.5	0.4	0.3	0.5
Normalized EBIT	-1.9	-25.8	9.2	17.0	14.9
Normalized EBITDA	4.6	-19.9	15.0	21.6	18.4

Annual Balance Sheet

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.1565	31.985	32.818	32.4345	32.585
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Cash	67.4	3.9	-	-	-
Cash & Equivalents	42.4	0.6	3.8	16.2	2.1
Short Term Investments	1.9	0.8	2.4	0.5	0.1
Cash and Short Term Investments	111.8	5.2	6.1	16.6	2.1
Accounts Receivable - Trade, Gross	-	18.3	-	-	-
Provision for Doubtful Accounts	-	-0.1	-	-	-
Trade Accounts Receivable - Net	48.8	18.6	7.8	5.0	3.6
Other Receivables	5.3	5.4	0.0	-	-
Total Receivables, Net	54.1	24.0	7.9	5.0	3.6
Inventories - Finished Goods	13.7	3.8	7.5	16.0	8.2
Inventories - Work In Progress	5.4	1.3	1.8	1.3	-
Inventories - Raw Materials	11.1	5.2	8.3	5.8	4.9
Inventories - Other	-	-	-	-1.1	-
Total Inventory	30.2	10.3	17.7	22.0	13.1
Prepaid Expenses	17.9	7.8	18.2	16.4	5.4
Restricted Cash - Current	-	-	0.0	0.1	2.7
Deferred Income Tax - Current Asset	4.9	1.6	2.6	-	0.6
Other Current Assets	-	-	-	2.1	1.2
Other Current Assets, Total	4.9	1.6	2.6	2.2	4.5
Total Current Assets	218.9	48.9	52.5	62.2	28.8
Buildings	20.9	18.3	0.8	0.4	0.2
Land/Improvements	4.0	3.6	5.4	0.0	-
Machinery/Equipment	163.5	68.0	34.2	21.4	19.5
Construction in Progress	74.5	53.2	88.2	31.0	0.2
Leases	14.8	13.5	0.0	-	-
Property/Plant/Equipment - Gross	277.7	156.7	128.6	52.8	19.9
Accumulated Depreciation	-27.1	-12.4	-6.5	-2.7	-0.9
Property/Plant/Equipment - Net	250.6	144.3	122.1	50.0	19.0
LT Investment - Affiliate Companies	7.4	7.0	5.8	6.1	-
LT Investments - Other	15.4	12.2	11.9	-	-
Long Term Investments	22.7	19.2	17.7	6.1	-
Deferred Charges	1.9	1.6	1.0	0.5	0.3
Other Long Term Assets, Total	1.9	1.6	1.0	0.5	0.3
Total Assets	494.2	214.0	193.3	118.9	48.1
Accounts Payable	40.7	11.5	4.9	1.9	0.0
Accrued Expenses	15.1	3.0	3.5	3.5	0.5
Notes Payable/Short Term Debt	30.6	35.9	32.7	39.4	7.1
Current Portion - Long Term Debt/Capital Leases	18.6	11.6	6.4	2.2	1.9
Customer Advances	0.7	0.1	0.5	9.9	2.1
Other Payables	11.4	5.5	5.5	2.5	1.9
Other Current liabilities, Total	12.1	5.5	6.0	12.4	3.9
Total Current Liabilities	117.1	67.5	53.5	59.4	13.5
Long Term Debt	76.0	68.0	77.2	6.0	8.1
Total Long Term Debt	76.0	68.0	77.2	6.0	8.1
Total Debt	125.2	115.4	116.3	47.6	17.2
Total Liabilities	193.1	135.4	130.7	65.4	21.6
Redeemable Preferred Stock	10.3	0.6	0.0	-	-
Redeemable Preferred Stock	10.3	0.6	0.0	-	-
Common Stock	68.2	42.4	32.7	27.7	24.6
Common Stock	68.2	42.4	32.7	27.7	24.6
Additional Paid-In Capital	164.4	24.9	19.1	16.3	1.2
Retained Earnings (Accumulated Deficit)	58.5	15.5	15.5	9.4	0.7
Treasury Stock - Common	-	-4.8	-4.7	0.0	-
Translation Adjustment	-0.1	0.0	0.0	-	-
Other Comprehensive Income	-0.2	-	-	-	-
Other Equity, Total	-0.3	0.0	0.0	-	-
Total Equity	301.1	78.6	62.6	53.5	26.5
Total Liabilities & Shareholders’ Equity	494.2	214.0	193.3	118.9	48.1
Shares Outstanding - Common Stock Primary Issue	208.8	155.8	139.5	125.3	125.3
Total Common Shares Outstanding	208.8	155.8	139.5	125.3	125.3
Treasury Shares - Common Stock Primary Issue	0.0	2.4	2.8	0.0	0.0
Shares Outstanding - Preferred Stock Primary Issue	30.0	2.0	0.0	-	-
Total Preferred Stock Outstanding	30.0	2.0	0.0	-	-
Treasury Shares - Preferred Primary Issue	0.0	0.0	0.0	-	-
Employees	808	276	184	130	79
Number of Common Shareholders	33,147	15,606	6,873	1,479	690
Deferred Revenue - Current	0.7	0.1	0.5	9.9	2.1
Total Long Term Debt, Supplemental	94.8	79.5	83.6	8.2	1.9
Long Term Debt Maturing within 1 Year	18.6	11.6	6.4	2.2	1.9
Long Term Debt Maturing in Year 2	40.9	13.9	10.3	2.3	-
Long Term Debt Maturing in Year 3	35.3	24.6	11.6	2.3	-
Long Term Debt Maturing in Year 4	-	29.4	30.7	1.4	-
Long Term Debt Maturing in Year 5	-	-	24.6	-	-
Long Term Debt Maturing in 2-3 Years	76.2	38.6	21.9	4.6	-
Long Term Debt Maturing in 4-5 Years	-	29.4	55.3	1.4	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	1.6	1.3	1.4	1.5	10.1
Operating Lease Payments Due in Year 1	0.4	0.3	0.2	0.2	1.9
Operating Lease Payments Due in Year 2	0.4	0.2	0.2	0.2	2.2
Operating Lease Payments Due in Year 3	0.3	0.2	0.2	0.2	2.3
Operating Lease Payments Due in Year 4	0.2	0.2	0.2	0.2	2.3
Operating Lease Payments Due in Year 5	0.2	0.2	0.2	0.7	1.4
Operating Lease Pymts. Due in 2-3 Years	0.8	0.4	0.4	0.4	4.4
Operating Lease Pymts. Due in 4-5 Years	0.4	0.4	0.4	0.9	3.7
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.2	0.4	0.0	0.0

Interim Balance Sheet

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.475	28.7235	29.4065	29.1565	31.2415
Cash	-	-	-	67.4	-
Cash & Equivalents	23.4	41.1	65.3	42.4	12.1
Short Term Investments	2.3	2.7	4.8	1.9	1.9
Cash and Short Term Investments	25.8	43.8	70.2	111.8	14.0
Accounts Receivable - Trade, Gross	65.8	65.0	90.4	-	-
Provision for Doubtful Accounts	-3.6	-3.2	-0.5	-	-
Trade Accounts Receivable - Net	62.2	64.8	92.3	48.8	31.1
Notes Receivable - Short Term	1.1	5.4	0.0	-	0.0
Other Receivables	0.3	0.3	0.1	5.3	4.7
Total Receivables, Net	63.6	70.5	92.4	54.1	35.9
Inventories - Finished Goods	14.3	10.8	7.2	13.7	0.6
Inventories - Work In Progress	3.8	2.2	3.5	5.4	2.6
Inventories - Raw Materials	5.8	12.1	22.3	11.1	9.5
Total Inventory	23.9	25.1	33.0	30.2	12.8
Prepaid Expenses	18.3	25.5	16.0	17.9	6.9
Restricted Cash - Current	-	-	-	-	0.1
Deferred Income Tax - Current Asset	3.9	4.3	5.3	4.9	3.6
Other Current Assets	-	-	0.1	-	-
Other Current Assets, Total	3.9	4.3	5.4	4.9	3.7
Total Current Assets	135.4	169.1	217.0	218.9	73.2
Buildings	28.6	30.5	29.7	20.9	19.1
Land/Improvements	10.6	11.2	4.0	4.0	3.7
Machinery/Equipment	167.4	160.9	155.5	163.5	102.9
Construction in Progress	134.9	125.0	110.6	74.5	82.7
Leases	14.2	14.0	14.7	14.8	13.8
Property/Plant/Equipment - Gross	355.7	341.6	314.5	277.7	222.3
Accumulated Depreciation	-42.8	-38.1	-32.5	-27.1	-20.8
Property/Plant/Equipment - Net	312.9	303.6	282.0	250.6	201.4
LT Investment - Affiliate Companies	30.7	32.7	7.0	7.4	6.6
LT Investments - Other	63.3	81.6	14.9	15.4	14.0
Long Term Investments	94.1	114.2	21.9	22.7	20.6
Deferred Charges	2.3	2.4	2.7	1.9	1.9
Other Long Term Assets, Total	2.3	2.4	2.7	1.9	1.9
Total Assets	544.6	589.4	523.6	494.2	297.2
Accounts Payable	21.1	23.2	50.6	40.7	22.0
Accrued Expenses	5.4	11.9	15.6	15.1	9.8
Notes Payable/Short Term Debt	62.4	77.5	48.6	30.6	10.8
Current Portion - Long Term Debt/Capital Leases	22.0	22.6	29.5	18.6	15.2
Dividends Payable	-	27.6	-	-	-
Customer Advances	0.7	0.9	1.8	0.7	0.7
Other Payables	8.1	14.0	11.0	11.4	6.8
Other Current Liabilities	-	0.0	-	-	-
Other Current liabilities, Total	8.8	42.5	12.8	12.1	7.5
Total Current Liabilities	119.7	177.8	157.2	117.1	65.4
Long Term Debt	142.3	83.9	58.6	76.0	84.0
Total Long Term Debt	142.3	83.9	58.6	76.0	84.0
Total Debt	226.6	184.1	136.7	125.2	110.1
Minority Interest	0.0	0.0	0.1	-	-
Total Liabilities	262.0	261.7	215.8	193.1	149.4
Redeemable Preferred Stock	9.8	10.4	10.2	10.3	9.6
Redeemable Preferred Stock	9.8	10.4	10.2	10.3	9.6
Common Stock	77.8	82.5	67.6	68.2	47.6
Common Stock	77.8	82.5	67.6	68.2	47.6
Additional Paid-In Capital	227.4	241.2	163.3	164.4	52.2
Retained Earnings (Accumulated Deficit)	6.9	10.2	66.7	58.5	38.4
Treasury Stock - Common	-	0.0	-	-	0.0
Unrealized Gain (Loss)	-39.2	-16.7	-	-	-
Translation Adjustment	0.0	-0.1	0.0	-0.1	0.0
Other Comprehensive Income	-	-	0.1	-0.2	-
Other Equity, Total	0.0	-0.1	0.0	-0.3	0.0
Total Equity	282.6	327.7	307.8	301.1	147.8
Total Liabilities & Shareholders’ Equity	544.6	589.4	523.6	494.2	297.2
Shares Outstanding - Common Stock Primary Issue	237.0	237.0	208.8	208.8	173.5
Total Common Shares Outstanding	237.0	237.0	208.8	208.8	173.5
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Shares Outstanding - Preferred Stock Primary Issue	30.0	30.0	30.0	30.0	30.0
Total Preferred Stock Outstanding	30.0	30.0	30.0	30.0	30.0
Treasury Shares - Preferred Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	889	959	992	808	651
Deferred Revenue - Current	0.7	0.9	1.8	0.7	0.7
Total Long Term Debt, Supplemental	165.1	107.5	88.3	18.6	99.2
Long Term Debt Maturing within 1 Year	22.0	22.6	29.5	18.6	15.2
Long Term Debt Maturing in Year 2	22.8	26.0	53.8	-	44.3
Long Term Debt Maturing in Year 3	21.4	26.0	4.7	-	39.7
Long Term Debt Maturing in Year 4	11.8	15.2	0.2	-	-
Long Term Debt Maturing in Year 5	87.1	17.7	0.2	-	-
Long Term Debt Maturing in 2-3 Years	44.2	52.0	58.5	-	84.0
Long Term Debt Maturing in 4-5 Years	99.0	32.9	0.4	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	1.7	2.4	1.8	1.6	1.6
Operating Lease Payments Due in Year 1	0.6	0.9	0.5	0.4	0.4
Operating Lease Payments Due in Year 2	0.5	0.8	0.5	0.4	0.4
Operating Lease Payments Due in Year 3	0.3	0.4	0.4	0.3	0.3
Operating Lease Payments Due in Year 4	0.2	0.2	0.2	0.2	0.2
Operating Lease Payments Due in Year 5	0.1	0.1	0.2	0.2	-
Operating Lease Pymts. Due in 2-3 Years	0.8	1.2	0.9	0.8	0.7
Operating Lease Pymts. Due in 4-5 Years	0.3	0.3	0.4	0.4	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.2

Annual Cash Flows Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Net Income/Starting Line	44.3	5.0	12.0	8.6	1.0
Depreciation	12.9	5.8	4.1	1.9	0.9
Depreciation/Depletion	12.9	5.8	4.1	1.9	0.9
Deferred Taxes	-0.2	0.2	-0.4	0.2	-0.6
Equity in Net Earnings (Loss)	0.5	1.0	0.3	0.0	-
Other Non-Cash Items	2.4	-4.4	4.2	1.2	-0.1
Non-Cash Items	2.9	-3.4	4.6	1.2	-0.1
Accounts Receivable	-26.3	-10.2	-3.0	-1.3	-3.6
Inventories	-16.9	12.1	-0.1	-9.8	-12.9
Prepaid Expenses	-12.6	4.9	-24.9	-29.9	-5.4
Other Assets	-3.8	2.6	-2.2	-0.8	-1.3
Accounts Payable	26.0	6.3	3.1	1.9	0.0
Accrued Expenses	11.0	0.2	0.0	3.0	0.5
Other Liabilities	0.6	-0.5	-9.6	7.7	2.1
Changes in Working Capital	-22.1	15.4	-36.7	-29.3	-20.6
Cash from Operating Activities	37.8	22.9	-16.4	-17.4	-19.5
Purchase of Fixed Assets	-89.0	-18.6	-53.6	-12.8	-12.4
Capital Expenditures	-89.0	-18.6	-53.6	-12.8	-12.4
Sale/Maturity of Investment	-	-	0.1	2.5	0.9
Purchase of Investments	-1.8	-2.0	-12.4	-6.1	-
Other Investing Cash Flow	-0.2	-5.8	-0.7	-0.2	-0.2
Other Investing Cash Flow Items, Total	-2.0	-7.9	-12.9	-3.7	0.7
Cash from Investing Activities	-91.0	-26.4	-66.5	-16.5	-11.8
Other Financing Cash Flow	-	0.0	-3.8	-0.1	-
Financing Cash Flow Items	-	0.0	-3.8	-0.1	-
Total Cash Dividends Paid	-0.5	-1.1	-	-	-
Sale/Issuance of Common	119.6	-	-	-	-
Repurchase/Retirement of Common	-	0.0	-4.9	0.0	-
Common Stock, Net	119.6	7.9	1.9	17.0	7.4
Preferred Stock, Net	32.4	1.1	-	-	-
Options Exercised	-	-	0.0	0.9	-
Issuance (Retirement) of Stock, Net	152.0	9.0	1.9	18.0	7.4
Short Term Debt Issued	-	2.3	-	31.9	7.1
Short Term Debt Reduction	-8.2	-	-6.4	-	-
Short Term Debt, Net	-8.2	2.3	-6.4	31.9	7.1
Long Term Debt Issued	21.2	9.9	81.0	0.0	10.1
Long Term Debt Reduction	-14.1	-16.0	-2.5	-1.9	-
Long Term Debt, Net	7.0	-6.1	78.6	-1.9	10.1
Issuance (Retirement) of Debt, Net	-1.1	-3.8	72.1	30.0	17.2
Cash from Financing Activities	150.3	4.1	70.3	47.8	24.6
Net Change in Cash	97.2	0.6	-12.7	13.9	-6.7
Net Cash - Beginning Balance	4.5	3.7	16.6	2.0	8.7
Net Cash - Ending Balance	101.7	4.3	3.9	16.0	2.1
Cash Interest Paid	1.3	1.5	1.7	0.5	0.2
Cash Taxes Paid	0.4	0.3	1.7	0.1	0.0

Interim Cash Flows Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.099862	29.074238	29.305764	31.497037	31.886422
Net Income/Starting Line	-19.9	-17.1	8.6	44.3	27.9
Depreciation	18.2	11.7	5.8	12.9	8.3
Depreciation/Depletion	18.2	11.7	5.8	12.9	8.3
Deferred Taxes	0.0	0.0	0.1	-0.2	-0.1
Equity in Net Earnings (Loss)	0.3	0.3	0.2	0.5	0.5
Other Non-Cash Items	5.7	11.8	-0.5	2.4	2.1
Non-Cash Items	6.0	12.0	-0.4	2.9	2.6
Accounts Receivable	-21.1	-23.5	-43.4	-26.3	-11.9
Inventories	3.9	-2.8	-3.2	-16.9	-1.5
Prepaid Expenses	-0.5	7.7	2.0	-12.6	4.0
Other Assets	0.6	0.4	-3.2	-3.8	-2.1
Accounts Payable	-18.6	-17.9	10.2	26.0	10.0
Accrued Expenses	-9.5	-3.4	0.6	11.0	6.6
Other Liabilities	0.2	0.2	1.2	0.6	0.7
Changes in Working Capital	-44.9	-39.3	-35.8	-22.1	5.9
Cash from Operating Activities	-40.6	-32.7	-21.6	37.8	44.5
Purchase of Fixed Assets	-98.0	-72.5	-40.0	-89.0	-62.4
Capital Expenditures	-98.0	-72.5	-40.0	-89.0	-62.4
Acquisition of Business	0.1	0.1	-	-	-
Investment, Net	0.0	-	-	-	-0.1
Purchase of Investments	-39.2	-25.3	-	-1.8	-1.5
Other Investing Cash Flow	6.9	3.7	5.0	-0.2	-0.4
Other Investing Cash Flow Items, Total	-32.1	-21.4	5.0	-2.0	-1.9
Cash from Investing Activities	-130.1	-93.9	-35.0	-91.0	-64.3
Other Financing Cash Flow	0.0	-	-	-	-
Financing Cash Flow Items	0.0	-	-	-	-
Total Cash Dividends Paid	-27.2	-	-	-0.5	-0.5
Sale/Issuance of Common	-	-	-	119.6	-
Repurchase/Retirement of Common	0.0	-	-	-	3.6
Common Stock, Net	0.0	-	-	119.6	3.6
Preferred Stock, Net	0.0	0.0	-	32.4	32.1
Issuance (Retirement) of Stock, Net	0.0	0.0	-	152.0	35.7
Short Term Debt, Net	34.4	45.9	18.3	-8.2	-25.5
Long Term Debt Issued	155.3	81.5	0.7	21.2	30.8
Long Term Debt Reduction	-77.4	-70.4	-6.4	-14.1	-13.3
Long Term Debt, Net	77.9	11.1	-5.7	7.0	17.5
Issuance (Retirement) of Debt, Net	112.4	57.0	12.6	-1.1	-8.0
Cash from Financing Activities	85.2	57.0	12.6	150.3	27.2
Foreign Exchange Effects	0.0	0.0	0.0	-	-
Net Change in Cash	-85.6	-69.6	-43.9	97.2	7.4
Net Cash - Beginning Balance	110.1	110.2	109.4	4.5	4.5
Net Cash - Ending Balance	24.5	40.6	65.5	101.7	11.8
Cash Interest Paid	1.4	0.8	0.4	1.3	1.0
Cash Taxes Paid	3.6	3.6	0.0	0.4	0.4

Annual Income Statement As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Gross Sales	351.5	116.1	155.5	88.3	12.7
Sales Returns & Discounts	-0.1	-1.2	-2.2	-1.1	-0.3
Total Revenue	351.3	114.9	153.3	87.1	12.4
Cost of Sales	293.3	101.7	134.2	72.7	10.2
Selling Expenses	2.2	1.3	1.0	0.8	0.2
General and Administrative Expenses	7.4	4.8	3.6	1.7	1.2
Research and Development	1.4	0.7	0.5	0.2	0.1
Inventory Devaluation & Obsolescence	-	-	-	1.1	-
Total Operating Expense	304.3	108.5	139.3	76.5	11.7
Interest Income	0.1	0.0	0.1	0.2	0.0
Gain/Loss on Foreign Exchange	-1.7	0.8	0.0	0.2	-0.1
Rent Income	0.4	0.6	0.0	-	-
Miscellaneous Income	0.5	0.3	0.1	0.1	0.0
Interest Expenses	-1.6	-2.1	-2.1	-0.6	-0.2
Interest Capitalized	0.3	0.7	0.4	-	-
Losses on Equity Investment	-0.5	-1.0	-0.3	0.0	-
G/L on Financial Assets Revaluation	2.9	-0.1	0.0	-	-
Miscellaneous Disbursements	0.0	-0.1	-0.1	-0.1	0.0
Net Income Before Taxes	47.3	5.5	12.2	10.3	0.4
Provision for Income Taxes	3.0	0.5	0.2	1.7	-0.5
Net Income After Taxes	44.3	5.0	12.0	8.6	1.0
Net Income Before Extra. Items	44.3	5.0	12.0	8.6	1.0
Net Income	44.3	5.0	12.0	8.6	1.0
Preferred Dividends	-0.9	0.0	-	-	-
Income Available to Com Excl ExtraOrd	43.4	5.0	12.0	8.6	1.0
Income Available to Com Incl ExtraOrd	43.4	5.0	12.0	8.6	1.0
Basic Weighted Average Shares	193.2	149.9	123.5	123.9	125.3
Basic EPS Excluding ExtraOrdinary Items	0.22	0.03	0.10	0.07	0.01
Basic EPS Including ExtraOrdinary Items	0.22	0.03	0.10	0.07	0.01
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	43.4	5.0	12.0	8.6	1.0
Diluted Weighted Average Shares	195.3	151.3	125.0	124.0	125.3
Diluted EPS Excluding ExtraOrd Items	0.22	0.03	0.10	0.07	0.01
Diluted EPS Including ExtraOrd Items	0.22	0.03	0.10	0.07	0.01
DPS-Common Stock	0.00	0.00	0.01	0.02	0.00
Gross Dividends - Common Stock	0.5	0.5	1.1	2.7	0.0
Normalized Income Before Taxes	47.3	5.5	12.2	10.3	0.4
Inc Tax Ex Impact of Sp Items	3.0	0.5	0.2	1.7	-0.5
Normalized Income After Taxes	44.3	5.0	12.0	8.6	1.0
Normalized Inc. Avail to Com.	43.4	5.0	12.0	8.6	1.0
Basic Normalized EPS	0.22	0.03	0.10	0.07	0.01
Diluted Normalized EPS	0.22	0.03	0.10	0.07	0.01
Interest Expenses	1.3	1.4	1.7	0.6	0.2
Research and Development	1.4	0.7	0.5	0.2	0.1
Depreciation - Operating Cost	11.6	5.2	3.9	1.8	0.9
Depreciation - Operating Expense	0.4	0.2	0.1	0.0	0.0
Interest Capitalized	-0.3	-0.7	-0.4	-	-
Rent Expense	-	-	-	-	0.1
Current Tax Payable	3.2	0.1	0.4	1.4	0.0
Current Tax - Total	3.2	0.1	0.4	1.4	0.0
Deferred Tax	-0.2	0.2	-0.4	0.2	-0.6
Deferred Tax - Total	-0.2	0.2	-0.4	0.2	-0.6
Other Tax	0.0	0.2	0.3	0.1	-
Income Tax - Total	3.0	0.5	0.2	1.7	-0.5

Interim Income Statement As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.146237	28.855204	29.305764	30.350199	31.911435
Gross Sales	97.9	103.8	169.1	134.4	107.5
Sales Returns & Discounts	-0.1	-1.2	-0.1	-0.1	0.0
Total Revenue	97.8	102.6	169.0	134.3	107.5
Cost of Sales	95.3	124.1	155.5	113.9	89.1
Selling Expenses	1.6	3.2	1.3	0.8	0.6
General and Administrative Expenses	2.3	0.7	2.5	2.3	2.4
Research and Development Expenses	0.6	0.5	0.4	0.3	0.5
Total Operating Expense	99.7	128.4	159.8	117.4	92.6
Interest Income	0.0	0.0	0.0	0.1	0.0
Gain/Loss on Foreign Exchange	-0.2	0.1	0.8	0.3	-0.7
Rent Income	0.3	0.1	0.2	0.1	0.1
Miscellaneous Income	0.0	0.1	0.1	0.0	0.1
Interest Expense	-0.6	-0.5	-0.4	-0.4	-0.4
Interest Capitalized	-	-	-	0.1	0.1
G/L on Equity Investment	-0.1	-0.1	-0.2	0.0	-0.1
G/L on Financial Assets Revaluation	0.0	-0.2	-0.2	0.7	0.9
G/L on Financial Liabilities Revaluatio	-0.2	0.0	-	-	-
Miscellaneous Disbursements	-0.2	-0.5	0.0	0.0	0.0
Net Income Before Taxes	-2.9	-26.8	9.6	17.8	14.9
Provision for Income Taxes	0.0	-0.8	1.0	1.1	0.9
Net Income After Taxes	-2.9	-26.0	8.6	16.7	13.9
Monority Interest	0.0	0.0	0.0	-	-
Net Income Before Extra. Items	-2.9	-26.0	8.7	16.7	13.9
Net Income	-2.9	-26.0	8.7	16.7	13.9
Preferred Dividends	-0.3	-0.3	-0.3	-0.3	-0.3
Income Available to Com Excl ExtraOrd	-3.1	-26.2	8.4	16.4	13.7
Income Available to Com Incl ExtraOrd	-3.1	-26.2	8.4	16.4	13.7
Basic Weighted Average Shares	266.9	263.1	240.3	211.7	186.8
Basic EPS Excluding ExtraOrdinary Items	-0.01	-0.10	0.03	0.08	0.07
Basic EPS Including ExtraOrdinary Items	-0.01	-0.10	0.03	0.08	0.07
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	-3.1	-26.2	8.4	16.4	13.7
Diluted Weighted Average Shares	266.9	263.1	242.2	216.1	188.5
Diluted EPS Excluding ExtraOrd Items	-0.01	-0.10	0.03	0.08	0.07
Diluted EPS Including ExtraOrd Items	-0.01	-0.10	0.03	0.08	0.07
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.5	0.0
Normalized Income Before Taxes	-2.9	-26.8	9.6	17.8	14.9
Inc Tax Ex Impact of Sp Items	0.0	-0.8	1.0	1.1	0.9
Normalized Income After Taxes	-2.9	-26.0	8.6	16.7	13.9
Normalized Inc. Avail to Com.	-3.1	-26.2	8.4	16.4	13.7
Basic Normalized EPS	-0.01	-0.10	0.03	0.08	0.07
Diluted Normalized EPS	-0.01	-0.10	0.03	0.08	0.07
Interest Expense, Supplemental	0.6	0.5	0.4	0.3	0.3
Interest Capitalized	-0.1	0.0	0.0	-0.1	-0.1
R&D Expense, Supplemental	0.6	0.5	0.4	0.3	0.5
Depreciation, Supplemental	6.5	6.0	5.8	4.7	3.5
	Annual Balance Sheet As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.1565	31.985	32.818	32.4345	32.585
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Cash	67.4	3.9	-	-	-
Cash Equivalents	42.4	0.6	3.8	16.2	2.1
Financial Assets-Fair Value,Current	-	0.0	0.5	0.0	-
Accounts Receivables, Net	47.5	-	7.0	5.0	2.1
Accounts Receivable, Gross	-	18.3	-	-	-
Provision for Doubtful Accounts	-	-0.1	-	-	-
Accounts Receivable - Related Parties	1.3	0.4	0.8	0.0	1.5
Other Receivables - Related Parties	5.3	5.4	0.0	-	-
Other Financial Assets - Current	1.9	0.8	1.8	0.5	0.1
Merchandise	0.0	0.0	1.5	10.6	0.8
Finished Goods	13.7	3.8	6.0	5.4	7.4
Work in Progress	5.4	1.3	1.8	1.3	-
Raw Material	7.4	4.6	7.9	4.6	4.3
Supplies	3.7	0.6	0.5	1.2	0.6
Provision for Inventory	-	-	-	-1.1	-
Prepayment	17.9	7.8	18.2	16.4	5.4
Tax Refund	-	-	-	0.3	1.2
Restricted Assets	-	-	0.0	0.1	2.7
Def.Income Tax Assets & Other Current	4.9	1.6	2.6	-	0.6
Other Current Assets	-	-	-	1.8	-
Total Current Assets	218.9	48.9	52.5	62.2	28.8
Long Term Equity Investment	7.4	7.0	5.8	6.1	-
Prepayment for Long Term Investment	0.3	-	-	-	-
Financial Assets-Cost Method,Non-Current	15.0	12.2	11.9	-	-
Land and Improvements	4.0	3.6	5.4	0.0	-
Buildings and Structures	19.9	17.4	0.0	-	-
Machinery and Equipment	137.1	47.8	29.9	17.7	17.4
Leasehold Improvement	1.0	0.9	0.8	0.4	0.2
Water&Electricity Equipment&Other	-	-	4.2	-	-
Miscellaneous Equipment	26.4	20.3	-	3.7	2.1
Accumulated Depreciation	-26.4	-12.2	-6.5	-2.7	-0.9
Construction in Progress	1.0	0.1	19.2	0.1	-
Prepay for Equipment / Land	16.7	5.3	28.1	11.6	-
Rental Assets	14.8	13.5	0.0	-	-
Accumulated Depreciation for Rental Asse	-0.7	-0.2	-	-	-
Construction in Prog & Prepay. for Equip	-	-	-	-	0.2
Deferred Charges and Other Assets	1.9	1.6	1.0	0.5	0.3
LT Prepay for Materials	56.8	47.8	40.9	19.3	-
Total Assets	494.2	214.0	193.3	118.9	48.1
Short Term Borrowings	30.6	35.9	32.7	39.4	7.1
Accounts Payable	40.7	11.5	-	-	-
Accounts Payable & Notes Payable	-	-	4.9	1.9	0.0
Accrued Exps. & Other Current Liabiliti	15.1	3.0	3.5	3.5	0.5
Payables for Equipment/Project/Land	11.4	5.5	5.5	2.5	1.9
Advance Receipts	0.7	0.1	0.5	9.9	2.1
Current Portion of Long Term Debt	18.6	11.6	6.4	2.2	1.9
Total Current Liabilities	117.1	67.5	53.5	59.4	13.5
Long Term Borrowings	76.0	68.0	77.2	6.0	8.1
Total Long Term Debt	76.0	68.0	77.2	6.0	8.1
Total Liabilities	193.1	135.4	130.7	65.4	21.6
Common Stock	68.2	42.4	32.7	27.7	24.6
Preferred Stock	10.3	0.6	0.0	-	-
Additional Paid-In Capital	163.9	24.9	19.1	16.3	1.2
Capital Surplus, Long-term Equity Invest	0.4	0.0	0.0	-	-
Legal Reserve	2.9	2.1	0.9	0.1	-
Special Reserve	0.0	-	-	-	-
Retained Earnings	55.6	13.3	14.6	9.3	0.7
Cumulative Translation Adjustment	-0.1	0.0	0.0	-	-
Unreali.G/L On Hedge Cash Flow	-0.2	-	-	-	-
Treasury Stock	-	-4.8	-4.7	0.0	-
Total Equity	301.1	78.6	62.6	53.5	26.5
Total Liabilities & Shareholders' Equity	494.2	214.0	193.3	118.9	48.1
S/O-Common Stock	208.8	155.8	139.5	125.3	125.3
Total Common Shares Outstanding	208.8	155.8	139.5	125.3	125.3
T/S-Common Stock	0.0	2.4	2.8	0.0	0.0
S/O-Preferred Stock	30.0	2.0	0.0	-	-
Total Preferred Shares Outstanding	30.0	2.0	0.0	-	-
T/S-Preferred Stock	0.0	0.0	0.0	-	-
Advance Receipt - Current	0.7	0.1	0.5	9.9	2.1
Full-Time Employees	808	276	184	130	79
Number of Common Shareholders	33,147	15,606	6,873	1,479	690
Long Term Debt Maturing Within Year1	18.6	11.6	6.4	2.2	1.9
Long Term Debt Maturing in Year2	40.9	13.9	10.3	2.3	-
Long Term Debt Maturing in Year3	35.3	24.6	11.6	2.3	-
Long Term Debt Maturing in Year4	-	29.4	30.7	1.4	-
Long Term Debt Maturing in Year5	-	-	24.6	-	-
Total Long Term Debt, Supplemental	94.8	79.5	83.6	8.2	1.9
Operating Lease due in 1 year	0.4	0.3	0.2	0.2	1.9
Operating Lease due in 2 years	0.4	0.2	0.2	0.2	2.2
Operating Lease due in 3 years	0.3	0.2	0.2	0.2	2.3
Operating Lease due in 4 years	0.2	0.2	0.2	0.2	2.3
Operating Lease due in 5 years	0.2	0.2	0.2	0.7	1.4
Operating Lease due in 6 yrs and more	-	0.2	0.4	-	-
Total Operating Leases, Supplemental	1.6	1.3	1.4	1.5	10.1

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	30.475	28.7235	29.4065	29.1565	31.2415
Cash	-	-	-	67.4	-
Cash and Cash Equivalents	23.4	41.1	65.3	42.4	12.1
Financial Assets-Fair Value,Current	0.3	0.3	0.0	-	0.1
Hedging Derivative Assets, Current	-	-	0.1	-	-
Notes Receivable	1.1	5.4	0.0	-	0.0
Accounts Receivable, Net	-	-	-	47.5	28.8
Accounts Receivable, Gross	65.8	65.0	90.4	-	-
Provision for Doubtful Accounts	-3.6	-3.2	-0.5	-	-
Accounts Receivable - Related Parties	0.0	2.9	2.4	1.3	2.3
Other Receivables - Related Parties	0.3	0.3	0.1	5.3	4.7
Other Financial Assets - Current	2.0	2.4	4.8	1.9	1.8
Merchandise	-	-	-	0.0	0.0
Finished Goods	-	-	-	13.7	-
Merchandise & Finished Goods	14.3	10.8	7.2	-	0.6
Work-in-Process	3.8	2.2	3.5	5.4	2.6
Raw Material	5.5	11.9	21.9	7.4	7.8
Supplies	0.3	0.2	0.4	3.7	1.7
Prepayment	18.3	25.5	16.0	17.9	6.9
Restricted Assets,Current	-	-	-	-	0.1
Def.Income Tax Assets & Other Current	3.9	4.3	5.3	4.9	3.6
Total Current Assets	135.4	169.1	217.0	218.9	73.2
Long Term Equity Investment	30.7	32.7	7.0	7.4	6.6
Financial Assets for Sale,Non-current	35.7	66.3	-	-	-
Prepayment for Long Term Investment	-	-	-	0.3	-
Financial Assets-Cost Method,Non-Current	27.7	15.3	14.9	15.0	14.0
Land and Improvements	10.6	11.2	4.0	4.0	3.7
Buildings and Structures	27.7	29.4	28.7	19.9	18.2
Machinery and Equipment	147.2	140.6	136.6	137.1	80.1
Leasehold Improvement	1.0	1.0	1.0	1.0	0.9
Miscellaneous Equipment	20.3	20.3	18.9	26.4	22.8
Accumulated Depreciation	-41.8	-38.1	-31.6	-26.4	-20.3
Construction in Progress	19.8	17.1	11.3	1.0	0.4
Prepayment for Equipment	61.6	65.4	36.5	16.7	36.4
Prepayments for Land	-	-	6.9	-	-
Rental Assets	14.2	14.0	14.7	14.8	13.8
Accumulated Depreciation for Rental Asse	-1.1	-	-0.9	-0.7	-0.5
Deferred Charges & Other Assets	2.3	2.4	2.7	1.9	1.9
LT Prepayment- Purchased Materials	53.5	42.5	55.9	56.8	46.0
Total Assets	544.6	589.4	523.6	494.2	297.2
ST Borrowings&ST Notes & Bills Payable	62.2	77.5	48.6	30.6	10.8
Accounts Payable	-	-	-	40.7	-
Accounts Payable & Notes Payable	21.1	23.2	50.6	-	22.0
Accrued Exp. & Other Current Liabilties	5.4	11.9	15.6	15.1	9.8
Fin. Liabilities-FV through P/L, Current	0.2	0.0	-	-	-
Payables for Equipment/Project	8.1	14.0	11.0	11.4	6.8
Financial Derivatives - Current	-	0.0	-	-	-
Dividends Payment	-	27.6	-	-	-
Advance Receipts	0.7	0.9	1.8	0.7	0.7
Current Portion of Long Term Debt	22.0	22.6	29.5	18.6	15.2
Total Current Liabilities	119.7	177.8	157.2	117.1	65.4
Long Term Borrowings	142.3	83.9	58.6	76.0	84.0
Total Long Term Debt	142.3	83.9	58.6	76.0	84.0
Minority interest	0.0	0.0	0.1	-	-
Total Liabilities	262.0	261.7	215.8	193.1	149.4
Common Stock	77.8	78.1	67.6	68.2	47.6
Preferred Stock	9.8	10.4	10.2	10.3	9.6
Stock Dividend for Distribution	-	4.4	-	-	-
Additional Paid-In Capital	226.7	240.5	162.5	163.9	49.2
Capital Surplus, Long-term Investments	0.7	0.7	0.7	0.4	0.0
Employee Stock Option	0.0	0.0	-	-	2.9
Legal Reserve	7.4	7.8	2.9	2.9	2.7
Special Reserve	0.2	0.3	0.0	0.0	0.0
Retained Earnings	-0.8	2.1	63.8	55.6	35.7
Cumulative Translation Adjustment	0.0	-0.1	0.0	-0.1	0.0
Unreali.G/L On Hedge Cash Flow	-	-	0.1	-0.2	-
Unrealized G/L on Financial Instruments	-39.2	-16.7	-	-	-
Treasury Stock	-	0.0	-	-	0.0
Total Equity	282.6	327.7	307.8	301.1	147.8
Total Liabilities & Shareholders' Equity	544.6	589.4	523.6	494.2	297.2
S/O-Common Stock	237.0	237.0	208.8	208.8	173.5
Total Common Shares Outstanding	237.0	237.0	208.8	208.8	173.5
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
S/O-Preferred Stock	30.0	30.0	30.0	30.0	30.0
Total Preferred Shares Outstanding	30.0	30.0	30.0	30.0	30.0
T/S-Preferred Stock	0.0	0.0	0.0	0.0	0.0
Deferred Revenue, Current	0.7	0.9	1.8	0.7	0.7
Full-Time Employees	889	959	992	808	651
Long Term Debt Maturing in 1Year	22.0	22.6	29.5	18.6	15.2
Long Term Debt Maturing in Year2	22.8	26.0	53.8	-	44.3
Long Term Debt Maturing in Year3	21.4	26.0	4.7	-	39.7
Long Term Debt Maturing in Year4	11.8	15.2	0.2	-	-
Long Term Debt Maturing in Year5	87.1	17.7	0.2	-	-
Total Long Term Debt, Supplemental	165.1	107.5	88.3	18.6	99.2
Operating Lease due in 1 year	0.6	0.9	0.5	0.4	0.4
Operating Lease due in 2 years	0.5	0.8	0.5	0.4	0.4
Operating Lease due in 3 years	0.3	0.4	0.4	0.3	0.3
Operating Lease due in 4 years	0.2	0.2	0.2	0.2	0.2
Operating Lease due in 5 years	0.1	0.1	0.2	0.2	-
Operating Lease due in remain years	-	-	-	-	0.2
Total Operating Leases, Supplemental	1.7	2.4	1.8	1.6	1.6
	Annual Cash Flows As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2006
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	31.497037	33.023867	31.543497	32.848802	32.525305
Auditor	KPMG Peat Marwick LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified
Net Income	44.3	5.0	12.0	8.6	1.0
Depreciation	12.9	5.8	4.1	1.9	0.9
Compensation Cost Based on Shares	3.0	-	-	-	-
Inventory Devaluation & Obsolescence	-0.5	-4.6	4.3	1.1	-
Equity Investment Gain/Loss	0.5	1.0	0.3	0.0	-
Deferred Tax	-0.2	0.2	-0.4	0.2	-0.6
Financial Assets At Fair Value	0.0	0.5	-0.6	0.0	-
Accounts Receivable	-26.3	-10.2	-3.0	-1.3	-3.6
Inventories	-16.9	12.1	-0.1	-9.8	-12.9
Prepayment	-12.6	4.9	-24.9	-29.9	-5.4
Other Current Assets	-2.8	2.0	-1.6	-0.8	-1.3
Other Financial Assets, Current, Decr.	-1.0	-	-	-	-
Accounts Payable and Notes Payable	26.0	6.3	3.1	1.9	0.0
Accrued Exps and Other Current Liabilite	11.0	0.2	0.0	3.0	0.5
Advance Receipts	0.6	-0.5	-9.6	7.7	2.1
Others	-0.1	0.1	-0.1	0.1	-0.1
Cash from Operating Activities	37.8	22.9	-16.4	-17.4	-19.5
Financial Assets-Cost Method	-1.5	0.0	-12.4	0.0	-
Restricted Bank Borrowings- Decrease	-	-	0.1	2.5	0.9
Capital Expenditure	-89.0	-18.6	-53.6	-12.8	-12.4
Prepayment for Long Term Investment	-0.3	-	-	-	-
Long Term Equity Investment Increase	-	-2.0	0.0	-6.1	-
Security Deposit Paid & Other- Increase	-	-	0.0	-0.2	-
Other Receivables-Related Parties	0.6	-5.2	-	-	-
Deferred Charges and Others	-0.8	-0.6	-0.7	0.0	-0.2
Cash from Investing Activities	-91.0	-26.4	-66.5	-16.5	-11.8
Short Term Borrowings Increase	-	2.3	-	31.9	7.1
Repayment of ST Borrowings	-8.2	-	-6.4	-	-
Repayment of Long Term Borrowings	-14.1	-16.0	-2.5	-1.9	-
Long Term Borrowings	21.2	9.9	81.0	0.0	10.1
Issuance of Common Stock	-	7.9	6.8	17.0	7.4
Issuance of Preferred Stock	32.4	1.1	-	-	-
Purchase of Treasury Shares	-	0.0	-4.9	0.0	-
Employee Option Exercised	-	-	0.0	0.9	-
Cash Dividend	-0.5	-1.1	-	-	-
Cash Capital	115.9	-	-	-	-
Treasury Stock Transfer to Employee	3.7	-	-	-	-
Employee Bonus & Directors Remuneration	-	0.0	-3.8	-0.1	-
Cash from Financing Activities	150.3	4.1	70.3	47.8	24.6
Net Change in Cash	97.2	0.6	-12.7	13.9	-6.7
Net Cash -Beginning Balance	4.5	3.7	16.6	2.0	8.7
Net Cash-Ending Balance	101.7	4.3	3.9	16.0	2.1
Cash Interest Paid	1.3	1.5	1.7	0.5	0.2
Cash Taxes Paid	0.4	0.3	1.7	0.1	0.0

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.099862	29.074238	29.305764	31.497037	31.886422
Net Income	-19.9	-17.1	8.6	44.3	27.9
Depreciation	18.2	11.7	5.8	12.9	8.3
Compensation Cost Based on Shares	0.0	-	-	3.0	3.0
Prov. for Inventory Devaluation	1.3	8.3	0.1	-0.5	-0.6
Pro. for Doubtful Acct.	3.8	3.2	-	-	-
Equity Investment Gain/Loss	0.3	0.3	0.2	0.5	0.5
Financial Assets-Trading	-0.3	-	-	-	-
Deferred Tax Assets	0.0	0.0	0.1	-0.2	-0.1
Accounts Receivable	-	-	-43.4	-26.3	-11.9
Notes&Account Receivable	-21.1	-23.5	-	-	-
Inventories	3.9	-2.8	-3.2	-16.9	-1.5
Prepayment for Materials	-0.5	7.7	2.0	-12.6	4.0
Other Financial Assets,Current	-0.2	-0.2	-2.9	-1.0	-0.2
Other Current Assets	1.1	0.6	-0.3	-2.8	-1.9
Financial Liabilities-Trading	0.2	-	-	-	-
Accounts Payable and Notes Payable	-18.6	-17.9	10.2	26.0	10.0
Accrued Exp. and Other Current Liabiltii	-9.5	-3.4	0.6	11.0	6.6
Advance Receipts	0.0	0.2	1.2	0.6	0.7
Others	0.6	0.3	-0.6	-0.1	-0.3
Cash from Operating Activities	-40.6	-32.7	-21.6	37.8	44.5
Purchase of Financial Assets-Cost Method	-13.9	-	-	-1.5	-1.5
Cash Dividend-Financial Assets for Sale	3.5	-	-	-	-
Restricted Bank Borrowings, Net	0.0	-	-	-	-0.1
Capital Expenditure	-98.0	-72.5	-40.0	-89.0	-62.4
Prepayment for Long Term Investment	-	-	-	-0.3	-
Long Term Equity Investment Increase	-25.3	-25.3	-	-	0.0
Other Receivables-Related Parties	5.0	5.0	5.2	0.6	-
Deferred Charges and Others	-1.5	-1.3	-0.1	-0.8	-0.4
Cash for purchase from subsidiary	0.1	0.1	-	-	-
Cash from Investing Activities	-130.1	-93.9	-35.0	-91.0	-64.3
Short Term Borrowings, Net	34.4	45.9	18.3	-8.2	-25.5
Repayment of LT Borrowings	-77.4	-70.4	-6.4	-14.1	-13.3
Long Term Borrowings	155.3	81.5	0.7	21.2	30.8
Issuance of Common Stocks	-	-	-	-	0.0
Security Deposit Receivedq	0.0	-	-	-	-
Issuance of Preferred Stocks	0.0	0.0	-	32.4	32.1
Purchase of Treasury Shares	0.0	-	-	-	3.6
Cash Dividend for Common/ Prefer. Stocks	-27.2	-	-	-0.5	-0.5
Cash Capital	-	-	-	115.9	-
Treasury Stock Transfer to Employee	-	-	-	3.7	-
Cash from Financing Activities	85.2	57.0	12.6	150.3	27.2
Foreign Exchange Effects	0.0	0.0	0.0	-	-
Net Change in Cash	-85.6	-69.6	-43.9	97.2	7.4
Net Cash C Beginning Balance	110.1	110.2	109.4	4.5	4.5
Net Cash C Ending Balance	24.5	40.6	65.5	101.7	11.8
Cash Interest Paid	1.4	0.8	0.4	1.3	1.0
Cash Taxes Paid	3.6	3.6	0.0	0.4	0.4

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.90
UK Pound	1	Rs.78.14
Euro	1	Rs.65.08

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.